Quinn: We hope to be vindicated next year

In April 2011, control of his business empire passed into the hands of the Irish Bank Resolution Corporation (IBRC) while later that year Mr. Quinn declared himself bankrupt in a Belfast court, making him the biggest bankrupt in UK history.

Next year Mr. Quinn and his family will finally get their day in court when they will challenge the state for the way in which they lost control of their manufacturing, insurance and hotel businesses.

While they are determined to rebuild, Mr. Quinn’s son, also called Sean, is optimistic that his family will be “vindicated” when their case finally goes before the courts next year.

“We know we have made mistakes over the last number of years but so have others,” he said in an exclusive interview with The Impartial Reporter.

“In recent times we have seen many men, women and children on TV vindicated after unnecessary and prolonged disputes with the state and while we hope to be vindicated, maybe, just maybe, in time there might be a better understanding and more balanced reporting of what actually happened and why.”

He was jailed for three months in July 2012 after Dublin’s High Court found failures to adequately comply with court orders aimed at reversing measures to strip multi million euro assets from the Quinn family's international property group.

“Undoubtedly, we made mistakes and errors in actions we took but it is surprising that these errors of judgement are being used by the state for political and legal gain,” he said.

“Assets were forfeited by IBRC which could easily have been retrieved had they wished to do so while to this day there are assets in India which IBRC can regain full control of it they so wished.”

He believes a “strategic decision” has been made that it is “better not to recover these assets so that maximum negative publicity is maintained against the family.”

Mr. Quinn says the past 10 years have been “very difficult” for the family, adding: “We have seen in recent times the length that the state can go to conceal scandals and vilify people.”

“This trend has continued in recent years where the Regulator, IBRC and the state has gone to extraordinary lengths to lay much of the blame at the door of our family and a select few others,” he said.

“While we certainly have questions to answer which we will do, it is regretful that others will never face the same questions or scrutiny.”

These days he heads up an online betting business, Quinn Bet, financed by his father, which he says is taking in over 30,000 bets a day with two thirds of the bets coming from Ireland and one third from the U.K.

“We are confident that we can double this number in the next 12 months and that we can continue this promising start to become a mainstream operator in both Ireland and the U.K. over the next three to five years,” he said, describing the performance of the business as “exceptional”.

“It has performed way beyond our expectations. With our pricing and money back offers we are confident we offer customers the best value for money which has helped us aggressively grow our market share from a standing start.”

Quinn Bet has two offices; one in Ballyconnell, Cavan and the other in Blanchardstown, Dublin and 16 members of staff, and recently partnered with FSB Technology based in London who manage the company’s technology and trading departments while Groundswell, an ecommerce consultancy company based in Belfast assist with marketing the business online.

“Our operation is 24/7 365 days a year but we don’t have any retail shops and have no plans to open any as we are confident that online is where gaming industry will grow in the coming years and this is where we are focusing our attention.”

Most of the bets are placed on soccer, horse racing, tennis and in Quinn Bet's online casino, Quinn Casino.

“We provide markets in 26 different sports and provide prices for over 30,000 events each month while we also have partnerships with some of the best casino game providers in the world.

“2018 will be our first full year of trading and we will make a substantial profit. The business has no debt and is generating a good cash flow so is in a very strong position,” he said, saying he is taking it “step by step”.

“We are going to continue investing in the business through marketing and by improving our product. We are close to launching our U.S. Racing which will be streamed live on our site while we are also very close to launching our Lotto products which means our customers can play Lotto’s from all around the World including the Irish Lotto. We have also recently signed our first racing sponsorship deal with Dundalk racecourse,” he said.

Mr. Quinn says those who oppose gambling are “a hugely important voice and they have contributed to significant reforms particularly in the U.K.”

“Operators have both legal and moral obligations to customers and we take those responsibilities very seriously. We have a variety of safeguards built into our product to assist any customer where gambling might be an issue for them and continuously promote a message of responsible gambling both on and off the website.”

Asked what he would say to those who say this type of business is irresponsible, Mr. Quinn said: “Placing a bet on your favourite sport can add to the excitement of the event and the vast majority of people bet in a responsible manner.”

“Regretfully there are some who do not. Addiction whether it be gambling, drugs, alcohol and so on are terrible illnesses and we will do everything to play our part to ensure customers enjoy our products in a responsible manner.

“Gambling has been a part of life for hundreds of years and the fact that it is now well regulated has to be a step in the right direction. For example, we monitor customers betting activity to try to spot problem gambling and we contact customers directly every day to ensure that they are betting responsibly and that they are aware of our responsible gambling tools. Regulation in the industry is key and the whole area is particularly well regulated in the U.K. While more can still be done, customers with gambling issues are increasingly becoming much better protected,” he said.

The relationship between father and son is still strong, says Mr. Quinn.

“Dad and I have a very normal father son relationship,” he said.

“There’s plenty we don’t agree on, but for the most part we agree on the important things. He owns the business as you are aware, but I am heading it up together with other family members assisting. He gives guidance and ultimately calls the shots but I think he is happy enough with how we are doing which is an achievement in itself,” he laughed.

“Dad has taught me lots, he has a tremendous positive attitude and a never give up attitude which are extremely important attributes in any walk of life.”

Mr. Quinn has confirmed that his family is determined to regain control of his former businesses, saying: “In so far as the more traditional businesses we are associated with such as the manufacturing, and hospitality, we remain very much interested in those businesses and still have strong ambitions there.”

As for Brexit, he says he does not see it as being a “major hindrance.”

“Of more concern is the recent budget changes where the levy on bets placed has been doubled from one to two per cent. We take no issue with the government looking to increase taxes on the industry, but we feel the model adopted is flawed. The U.K. system of taxing revenue is much fairer for bookmakers and punters alike,” he said.

Looking to the next few months, Mr. Quinn says his family have “a number of tough battles ahead” but are “very optimistic for the future.”

“Outside of Quinn Bet there are a number of other opportunities we are currently assisting Dad with and I am confident some of these opportunities will come to fruition in the short to medium term,” he said.

“We still have a long way to go however and many people have supported us on this journey, most particularly people who have helped us fund our litigation which proved challenging at times.”

“It is important to us that all these people are fully paid back when we are in a position to do so,” he said.